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Oct 2, 2013
10/13
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deficit. >> that's the rallying cry of some republicans in congress. they want to rein in spending. things came to a head as you recall in the summer of 2011 when it came time to raise the u.s. debt limit. in exchange for agree to go raise the debt ceiling, congress and the debt seeing agreed to $1.2 trillion in spending cuts spread out over 10 years. but because congress couldn't agree on how and where to make those cuts, remember they said in august that they would give themselves until the end of the year to make that decision? they couldn't do it. because they couldn't decide how to make those cuts, $85,000,000,000 in automatic spending cuts kicked in earlier this year including programs that were dear to democrats lie low-income housing vouchers. now republicans wants to gut obamacare before passing a bill that would only fund the government's operations for another six weeks. now, no deal has been made on that. but on or about october 17th, the u.s. government will reach its debt limit again. congress must pass legislation by then to raise the level of debt the government thou
deficit. >> that's the rallying cry of some republicans in congress. they want to rein in spending. things came to a head as you recall in the summer of 2011 when it came time to raise the u.s. debt limit. in exchange for agree to go raise the debt ceiling, congress and the debt seeing agreed to $1.2 trillion in spending cuts spread out over 10 years. but because congress couldn't agree on how and where to make those cuts, remember they said in august that they would give themselves until...
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Sep 14, 2013
09/13
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the 18-point deficit was the biggest deficit overcome by a nebraska opponent in lincoln since at least 1996. >>> after potentially damaging allegations by sports illustrator earlier this week that the oklahoma state football program committed several rules violations, the school announced it would conduct it's own investigation with the ncaa. allegations of cash payments to players, academic misconduct, drug violations and in addition to some of the schools recruiting hostesses having sex with prospects from 2001 to 2010. former coach and current coach have denied any involvement in these alleged violations. >>> now to boxing and the showdown between floyd mayweather jr. and alvarez will get under way, and when these two fighters step out of the ring, one will have his very first loss. this will have record pay-per-view and record paymen payments. >> reporter: meet the champion, floyd mayweather jr. at 36 he's widely considered the best boxer in his era. to say that mayweather has dominated boxing would be an understatement as he comes into the fight with a 44-0 record. flashy, outspok
the 18-point deficit was the biggest deficit overcome by a nebraska opponent in lincoln since at least 1996. >>> after potentially damaging allegations by sports illustrator earlier this week that the oklahoma state football program committed several rules violations, the school announced it would conduct it's own investigation with the ncaa. allegations of cash payments to players, academic misconduct, drug violations and in addition to some of the schools recruiting hostesses having...
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Sep 2, 2013
09/13
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seniors didn't cause this problem and social security didn't cause the problem with the deficit. we disagree with him on that. i think he was trying to put forward some kind of reasonable proposal but we just disagree. i think it's wrong and i don't think seniors ought to pay the price for the party that wall street have and still hasn't paid for. >> do you understand where i'm going to understand where the president has a good heart and a lot of rank and file workers see that wages have been stagnant. benefit growth for social security and corporate tax cuts and a lot of people think wait a second we helped get this guy elecelected. >> yeah, it was a right decision then and it's a right decision now. i think he was a much nicer president than mitt romney would have been. he didn't create wage stagnation. the president's doing what he can to try to create jobs. he knows we need infrastructure, he proposes infrastructure projects and the republicans say no to it. you can't look at it and say it's the president's fault. he's tried. not that i wouldn't have done different. >> would
seniors didn't cause this problem and social security didn't cause the problem with the deficit. we disagree with him on that. i think he was trying to put forward some kind of reasonable proposal but we just disagree. i think it's wrong and i don't think seniors ought to pay the price for the party that wall street have and still hasn't paid for. >> do you understand where i'm going to understand where the president has a good heart and a lot of rank and file workers see that wages have...
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Nov 29, 2013
11/13
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the cowboys rallying back from a deficit. dallas sitting pretty in first place with a 7 and 5 record. the detroit lines haven't won a thanksgiving day game since 2003. happy times are here again. matt stafford had a monster game against the packers. the lions spanked the packers. as for green bay, aaron rodgers expected back next week. >> see you later in the show. it's easy to throw something out by mistake, we have done it. a british man threw away an old col purt worth $7 million. >> somewhere under this rubbish in this huge public landfill site lies $7.5 million in bit coins, on a computer hard drive belonging to this man. james howl three it out by mistake. >> i'm devastated. when i realised what i had done it was an oh my god moment. >> he mined the coins on his computer. the process of generating bit coins in the first place and he forgot about them. since then the value has gone up. on thursday is hit $1,000 a coin. jails had 7,500 of them. the private cipto graphic key, without which it was worthless was, you guessed
the cowboys rallying back from a deficit. dallas sitting pretty in first place with a 7 and 5 record. the detroit lines haven't won a thanksgiving day game since 2003. happy times are here again. matt stafford had a monster game against the packers. the lions spanked the packers. as for green bay, aaron rodgers expected back next week. >> see you later in the show. it's easy to throw something out by mistake, we have done it. a british man threw away an old col purt worth $7 million....
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Oct 14, 2013
10/13
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republicans quietly move off on their resistance to some form of reform on obamacare and focus mother on debt deficits and spends. you've seen some movement from house republicans. that gives a lot of people comfort that perhaps a negotiated settlement is in the works. >> congressman paul ryan is pushing a deal but will they bite? >> i think democrats are willing to come to the table. they have core issues like the republicans do, and it's a good sign it appears that obamacare is off the table. no president is going to, one, negotiate as we look ahead with, if you will, with a gun to his head. no president is going to give on their signature achievement. with that said, i think democrats are willing to negotiate one other issue. >> we talk about the back and forth. why did it take so long for reid and mcconnell to get together and have the conversation? >> they both knew their caucuses were dug in. mcconnell knew whatever deal he could negotiate in his own caucus would be under the scrutiny of his brothers and sisters in the house of representatives. similarly, in harry reid, you had a bipartisan deal
republicans quietly move off on their resistance to some form of reform on obamacare and focus mother on debt deficits and spends. you've seen some movement from house republicans. that gives a lot of people comfort that perhaps a negotiated settlement is in the works. >> congressman paul ryan is pushing a deal but will they bite? >> i think democrats are willing to come to the table. they have core issues like the republicans do, and it's a good sign it appears that obamacare is...
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Nov 29, 2013
11/13
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that was the case against the oakland raiders, the come back was from a 14 foot deficit, it's called foreshadowing people, outside of his own end zone and oh my goodness, you've got to be kidding me. jenkins gobbles it up, 22 yards the other way. buckle up, because jennings, runs right into the cameraman. tony row romo and company cowbot up. de marco murray ran for three touchdowns on the day. improving to seven and five on the season. aaron rogers broke his collar bone, something had to give today, lions were giving it away early on. morgan burnett, scooped up the mac and cheese, after that the lions would get their boogie on. ross, i love the name, had game, stafford finderring his favorite target as he throws it to johnson, megatron takes it to the happy place, three touchdown passes, the lions would feast on matt flynn and the lions winning 40 to 10. yes 40 to ten. the lions sitting pretty in first place in their division with a 7 and 5 record. >> obviously coming off a short week, a team that is a really talented football team coming out, getting a win is what we needed to do, m
that was the case against the oakland raiders, the come back was from a 14 foot deficit, it's called foreshadowing people, outside of his own end zone and oh my goodness, you've got to be kidding me. jenkins gobbles it up, 22 yards the other way. buckle up, because jennings, runs right into the cameraman. tony row romo and company cowbot up. de marco murray ran for three touchdowns on the day. improving to seven and five on the season. aaron rogers broke his collar bone, something had to give...
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Nov 2, 2013
11/13
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. >> our deficits are getting smaller, not bigger. on my watch they are falling at the fastest pace in 60 years. so that gives us room to fix our long-term debt problems without sticking it to the young or undermining benefit, retirement or cutting basic research that helps us grow. >> the last time the federal government ran a surplus was back in 2001. >> if you are one of the 14 million americans who has been paying for your own insurance, there's a chance it may be chancedly. mark schneider tells us why. >> erin cox is a self-employed skin care therapist, wife and mother of two with the same insurance policy the past couple of years. she was happy until she found out she was losing it. >> i was shocked. i don't think i was clear or maybe the president was not completely transparent on what was going to happen with our current plans. i had no plan on changing. >> erin doesn't have her letter at the salon. that's okay. i have mine. i go in the mid-september from my providering saying come december 31st, my health care plan will no lo
. >> our deficits are getting smaller, not bigger. on my watch they are falling at the fastest pace in 60 years. so that gives us room to fix our long-term debt problems without sticking it to the young or undermining benefit, retirement or cutting basic research that helps us grow. >> the last time the federal government ran a surplus was back in 2001. >> if you are one of the 14 million americans who has been paying for your own insurance, there's a chance it may be...
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Oct 16, 2013
10/13
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rates went up by one percentage point it would cost the government $120 billion a year, so make the deficit affected as well. >> your 401k would go down. this is what happened in 2008, is people lost a huge amount of money in their 401k's, they took enormous losses. a lot of people who wanted to retire couldn't because they took such enormous hits. this would be worst than 2008. >> for the first time, i hope you're wrong. >> thank you, thomas. >> thank you. >> public transportation workers say the trains will keep running while negotiations continue. workers were threatening to strike. employees are seeking pay raises and better benefits. >> j.p. morgan may be closer to putting one scandal behind it. we have the latest business headlines. >> everyone wants j.p. morgan to put that scandal behind it. it admits wrongdoing in the london wales scandal. in addition to accepting responsibility for the scandal, the bank may pay $100 million penalty. reports say a deal could come this week. the bank reached the deal with the s.e.c. over the trade that cost the bank $6 billion. >> apple's low cost ip
rates went up by one percentage point it would cost the government $120 billion a year, so make the deficit affected as well. >> your 401k would go down. this is what happened in 2008, is people lost a huge amount of money in their 401k's, they took enormous losses. a lot of people who wanted to retire couldn't because they took such enormous hits. this would be worst than 2008. >> for the first time, i hope you're wrong. >> thank you, thomas. >> thank you. >>...
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Oct 10, 2013
10/13
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they want to continue talks on deficit reduction and affordable care act in any discussion about ending the shutdown the debt ceiling is approaching and constitutional experts are weighing in whether the president has the ability to go around congress and raise the ceiling himself. with me is elizabeth fo foley. welcome professor. >> good evening. >> how are you? explain this debate that is going on in the legal community. i read a couple things recently about this. you said the president doesn't have the power to raise the debt ceiling him self. >> that is right. thithis point is crystal clear m a constitutional perspective. article one section eight of the constitution gives congress the solsoul power to borrow money on behalf of the united states. if you look at article two you will see no power remotely close to the power of borrowing money. congress has the power of the purse and if the president chooses to disregard the debt ceiling established by congress he is acting unconstitutionally. >> they rely on section four of the 14th amendment. the validity of the public debt of the un
they want to continue talks on deficit reduction and affordable care act in any discussion about ending the shutdown the debt ceiling is approaching and constitutional experts are weighing in whether the president has the ability to go around congress and raise the ceiling himself. with me is elizabeth fo foley. welcome professor. >> good evening. >> how are you? explain this debate that is going on in the legal community. i read a couple things recently about this. you said the...
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Sep 30, 2013
09/13
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. >> when we were here in 2011, was the sfedal deficit and spending -- >> again and again and again here we are. >> and now it's about the affordable care act. so what it is that needs to happen here to get both sides together to do what everyone agrees is the government's job which is congress's job to pass a budget and pay its bills. >> maybe the shutdown. maybe that's what it takes. because mr. goodfriend keeps talking about polling. let's talk polling. right now everybody hates obamacare. nobody wants it. people are not happy with obamacare, and that's what the republicans are trying to do. and even mr. obama himself -- president obama saying let's have maybe -- we should delay the problems because they have midterm elections so he has delayed many things in his own policies, right? >> david. >> yeah, there's an interesting parallel here on both sides. if you here my republican colleague speak she says if it's a shutdown maybe it won't be as bad as people think. and on our side we are saying when obamacare is implemented it will not be as bad, it will be pretty good. the polling actu
. >> when we were here in 2011, was the sfedal deficit and spending -- >> again and again and again here we are. >> and now it's about the affordable care act. so what it is that needs to happen here to get both sides together to do what everyone agrees is the government's job which is congress's job to pass a budget and pay its bills. >> maybe the shutdown. maybe that's what it takes. because mr. goodfriend keeps talking about polling. let's talk polling. right now...
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Dec 22, 2013
12/13
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the spurs whittling the deficit away. spurs been three. okc didn't panic. jeremy lamb launches from within three. lamb does the dishing. thunder - their lead is six moments later. at 22 and 4, steve with the best record in the west after beating the spurs 113 to 100. both teams are having great seasons. the brooklyn nets are having a horrible season. >> brook lopez broke his foot, missing the rest of the regular season. he's had ankle issues. lopez is spraining his ankle against the clippers. >> saturday's los angeles bowl was the final chance for a fresno state quarterback for derek carter to prove he's the best passer in the land. he led the bulldogs to an 11 and 1 record. ex-othering team-mates prior to the game. he has a rough win. a 6-yard tv cost. 25 and 54 for 217 yards. after that it was all trojan and quarter backs. nelson, 40 yards later. up 14-6. 40 yards on this play as well. trojans role 45 to 20. that's a look at sport. >> fight on for u.s.c. >> thank you very much. >> some of brazil's protest poorest kids found a way to cope with chaos in lif
the spurs whittling the deficit away. spurs been three. okc didn't panic. jeremy lamb launches from within three. lamb does the dishing. thunder - their lead is six moments later. at 22 and 4, steve with the best record in the west after beating the spurs 113 to 100. both teams are having great seasons. the brooklyn nets are having a horrible season. >> brook lopez broke his foot, missing the rest of the regular season. he's had ankle issues. lopez is spraining his ankle against the...
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Dec 1, 2013
12/13
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back from a 27-1 deficit. we go to the fourth. coming from his own end zone going up. check this out. he'll rumble 99 yards for the touch down. the longest completion. 30 seconds to go. he dumps it off to a wide-open space. we'll probably go to overtime. wrong again. bama had a second. a 57 yarder for the win. the rest is history, doesn't make it through the uprights. pulls off a miracle and returns it 100 yards. as time expires the only thing missing is this band. mike lees there for the tigers' win and breaks to down. >> dramatic may be an understatement to describe the final play of this year's iron ball. i'm here with pat from yahoo. what does it say about auburn. >> there's nothing like it. it's a unique rivalry in the sport culture. this, the intensity, the passion, and then the drama of this game is unlike what i have seen. i've covered sport for 26 years. i've never seen a game like that. >> what does this do to the national b.c. s picture. we could get a serious shake. >> it will be mayhem. trying to decide - a lot will say they deserve to go ahead. we have be
back from a 27-1 deficit. we go to the fourth. coming from his own end zone going up. check this out. he'll rumble 99 yards for the touch down. the longest completion. 30 seconds to go. he dumps it off to a wide-open space. we'll probably go to overtime. wrong again. bama had a second. a 57 yarder for the win. the rest is history, doesn't make it through the uprights. pulls off a miracle and returns it 100 yards. as time expires the only thing missing is this band. mike lees there for the...
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Oct 11, 2013
10/13
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so republicans have layed that aside for the long term interest, which is deficit reduction, and of course the white house is saying they want that too. >> and the federal government will once again be sending finance usual help to the military charity fisher house foundation had agrees to pay the benefits during the shut down. the bill reinstates the payments made to military families who have lost loved ones in the line of duty. it also covers the cost of funerals. the obama administration says it will allow parks to we open, as long as states use their own money. governors in four states have asked to open the parks. all 401 national parks have been shut down, and 20,000 park employees furloughed since october 1st. utah has been hard hit, five counties there have declared states of emergency, utah's governor says his state will accept the offer and pick up the tab. india is bracing for the arrival of tropical cyclone hylene. the massive storm is expected ten the equivalence of a category five hurricane. that means it will be packing winds of 157 miles an hour or greater. and for more on
so republicans have layed that aside for the long term interest, which is deficit reduction, and of course the white house is saying they want that too. >> and the federal government will once again be sending finance usual help to the military charity fisher house foundation had agrees to pay the benefits during the shut down. the bill reinstates the payments made to military families who have lost loved ones in the line of duty. it also covers the cost of funerals. the obama...
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Dec 13, 2013
12/13
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. >> reporter: the two-year agreement reduces the deficit by $23 billion and reverses some automatic spending cuts and the passage depends on the senate. >> i'm hopeful we can keep it going and i think it's a very important step forward. >> reporter: but for now progress is on hold, a power struggle over the president's nominees has forced the senate into a marathon session that will likely occupy them into saturday. >> i can't wave a magic wand and heal hurt feelings but appeal to colleagues to be reasonable to work with. >> reporter: and time is tight to finish the job. >> and danielle reporting from washington. and they passed a $620 billion defense bill and includes two dozen provisions on sexual assault in the military and provide victims with legal council and prohibit commanders from tossing out or reducing convictions and the pentagon says they were sexually assaulted last year and the bill has to be approved by the senate. a presidential task force is recommending that the nsa be reigned in. the white house taps the panel to review the spay agency's activities and according
. >> reporter: the two-year agreement reduces the deficit by $23 billion and reverses some automatic spending cuts and the passage depends on the senate. >> i'm hopeful we can keep it going and i think it's a very important step forward. >> reporter: but for now progress is on hold, a power struggle over the president's nominees has forced the senate into a marathon session that will likely occupy them into saturday. >> i can't wave a magic wand and heal hurt feelings...
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Nov 14, 2013
11/13
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. >> the deposit is getting close to balancing its books the deficit was 24% lower, and over $94 billion, that's the difference between tax revenues and spending. spending cuts, strong economy and the shutdown. new figures don't ease the pressure on congress, they face a deadline a month from now to agree on a plan to keep the government running. >> dozens died in violence across iraq. the mayor of fal uja. three roadside bombs exploded near shiite pilgrims and eight killed by a suicide bomber at a police checkpoint outside tech reet. suicide bombs in two other cities left 25 shi'as dead. all this violence is taking place while shia muslims are observing ashura, marking the death of hussein, grandson of the prom prove et mohammed. now to imran khan who was there. we have seen violence around the country - a lot of it - over the last 24 hours. what is the situation where you are? . well, there's an incredibly intense and massive security operation that is taking place across iraq in major city, and here in karbala. what that means is some of the smaller cities, rural towns have been attac
. >> the deposit is getting close to balancing its books the deficit was 24% lower, and over $94 billion, that's the difference between tax revenues and spending. spending cuts, strong economy and the shutdown. new figures don't ease the pressure on congress, they face a deadline a month from now to agree on a plan to keep the government running. >> dozens died in violence across iraq. the mayor of fal uja. three roadside bombs exploded near shiite pilgrims and eight killed by a...
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Dec 14, 2013
12/13
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the deficit will continue to fall dramatically. the new focus is not going to be outraged. it will be on revenues. we will see a pleasant surprise. deficit, andg of the former libertarian candidate for president gary johnson, he put out a press release that reads in part, are we supposed to be impressed that the deficit is almost $700 million? -- seven under billion dollars? crowinge folks are about a deal that will save $20 million. -- $20 billion. for taxpayers, for businesses, for the markets, we now have some predictability and stability. a half, this deal goes until the fall of 2015. that kind of stability removes a big headwinds from the economy. a year ago today, we had enormous headwinds. a shutdown, higher taxes, none of those headwinds are present now falls out >> as you speak about headwinds, paul long senator patty murray, he said that the deal provides certainty to the u.s. economy, what does it say that even a small deal could give this economy some momentum? >> it removes all of the question marks in my opinion. we do not have to worry about another shutdown.
the deficit will continue to fall dramatically. the new focus is not going to be outraged. it will be on revenues. we will see a pleasant surprise. deficit, andg of the former libertarian candidate for president gary johnson, he put out a press release that reads in part, are we supposed to be impressed that the deficit is almost $700 million? -- seven under billion dollars? crowinge folks are about a deal that will save $20 million. -- $20 billion. for taxpayers, for businesses, for the...
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Jan 3, 2013
01/13
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deficits have always mattered. and they matter whether they're under democratic or republican administration. they matter. and we're going to deal with it. >> but you may have agreements on that, how order, but i heard an interview this morning with nancy pelosi, on npr, and she said out this idea that if you're going to deal with these things, you do it by making sure we're looking at things like defense to cuts and things and that you're looking to rein -- she used some language, look at making sure that every federal dollar spent is worthwhile. which to me is kind of code for saying we're going to be looking at making sure we get waste out of government spending in terms of fraud and things like that. is there enough money by getting rid of the fraud to actually deal with the deficit? >> there's not enough money by getting rid of the fraud. that's, you know, the current thing that everybody has been saying for years. oh, we can balance the budget. how do you do that? waste, fraud and abuse. that's nonsense. ther
deficits have always mattered. and they matter whether they're under democratic or republican administration. they matter. and we're going to deal with it. >> but you may have agreements on that, how order, but i heard an interview this morning with nancy pelosi, on npr, and she said out this idea that if you're going to deal with these things, you do it by making sure we're looking at things like defense to cuts and things and that you're looking to rein -- she used some language, look...
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Feb 13, 2013
02/13
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you have spending cuts tax cuts and deficit tut cuts and debt cuts. how did he do it? what is different today than back in the coolidge era. we could do it today. that is what i took away from this book. he did it by saying no and making it cheer that when you are caught and say know you are being father christmas. he got the government out of the way. we'll acknowledge that and i personally through temperment even though it is hard, coolidge kennedy reagan. the tax revenues by the rich. what is kind of distressing when you read to think that president obama, on the spending right now. will republicans stick to these cuts, they have to get out of the fetal position on cutting spending and they have got to do the sequester. 5%, they can absorb these cuts and it has to happen. i read your books and you make great detailed mention of how coolidge sat around with his budget director cutting spending because they believed that it was good for economic growth but i don't hear that today. we expect too little of american peoples. americans know that we have to cut. we know if
you have spending cuts tax cuts and deficit tut cuts and debt cuts. how did he do it? what is different today than back in the coolidge era. we could do it today. that is what i took away from this book. he did it by saying no and making it cheer that when you are caught and say know you are being father christmas. he got the government out of the way. we'll acknowledge that and i personally through temperment even though it is hard, coolidge kennedy reagan. the tax revenues by the rich. what...
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Mar 1, 2013
03/13
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that obviously impacts on our deficit, a
that obviously impacts on our deficit, a
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Jan 1, 2013
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republicans don't care about deficit reduction. if they had they would have allowed it to take place and reduced the deficit. >> i am always interested in what he has to say. it is interesting, this vote asked, what do conservatives and republicans believe in the house and what do republicans believe? as i have said to you from day one, democrats want the fiscal cliff. howard dean said on your program, it is the best deal that they are going to get. the republicans would never go along with and they are going to get tax raises on rich people. and when we go off the physical cliff congress goes back into session. republicans are blamed for the bad economy and roger is right. the three programs, social security and medicare and medicaid have been untouched. roger, the reason i give this one cheer out of three cheers, i think he is right. the democrats are salivating to demonize and this deal is the best they are going to get. >> in this one, some people say, that the real hidden agenda is to break the pledge on tax cuts and break the
republicans don't care about deficit reduction. if they had they would have allowed it to take place and reduced the deficit. >> i am always interested in what he has to say. it is interesting, this vote asked, what do conservatives and republicans believe in the house and what do republicans believe? as i have said to you from day one, democrats want the fiscal cliff. howard dean said on your program, it is the best deal that they are going to get. the republicans would never go along...
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May 9, 2013
05/13
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the good news is that all those tax dollars, they're shrinking the deficits. the federal budget deficit, expected to be more than $800 billion, but now it could fall below $700 billion. the bad news is that all this income that the rich moved into 2012 may not be repeated in 2013. you could read more on cnbc.com. >> all i'm going to say is thank goodness for all those millionaires and billionaires the, right? >> that's right. they're helping the deficit. >> well, everybody sold, like you said, all the dividends got hiked. that's probably while apple partly is down. >> the question with all these great stock markets, all the wealth being created and all the incomes being generated at the top, the question is we might see that repeated somewhat in 2013. >> thank you very much, robert frank. coming up next, cider house rules. [ male announcer ] you are a business pro. omnipotent of opportunity. you know how to mix business... with business. and you...rent from national. because only national lets you choose any car in the aisle. and go. you can even take a full-s
the good news is that all those tax dollars, they're shrinking the deficits. the federal budget deficit, expected to be more than $800 billion, but now it could fall below $700 billion. the bad news is that all this income that the rich moved into 2012 may not be repeated in 2013. you could read more on cnbc.com. >> all i'm going to say is thank goodness for all those millionaires and billionaires the, right? >> that's right. they're helping the deficit. >> well, everybody...
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Feb 12, 2013
02/13
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reduction. >> howard dean is more of a deficit hawk? this year's deficit 800 billion and next year's 600 billion. short-term phenomenon and there's a report of health care costs down now, and i don't know if it's a structural or cyclical spin. >> i've been on this point for a while so i'm glad it's getting broader attention. >> health care costs are declining. >> the rate of growth is much more slowly. it's been several years so it's harder to write it off as just kind of a fleeting moment, and if it continues, that has a far larger impact on the long-term deficit than anything the guys in washington are going to put aside. >> that's why the president's rhetoric on taxes might matter to wall street this time >> good to see you guys. thank you, both. >> thanks, peter. thank you, ron. >> tune into the state of the union right here on cnbc beginning at 9:00 p.m. eastern time. carl kwinquintanilla and john harwood hosting our coverage. >> the market is up above 14,000 with a gain of 52 point on the dow. >> we'll see if it stays there. the f
reduction. >> howard dean is more of a deficit hawk? this year's deficit 800 billion and next year's 600 billion. short-term phenomenon and there's a report of health care costs down now, and i don't know if it's a structural or cyclical spin. >> i've been on this point for a while so i'm glad it's getting broader attention. >> health care costs are declining. >> the rate of growth is much more slowly. it's been several years so it's harder to write it off as just kind...
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May 20, 2013
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but the ceo's report find just about 1 trillion in deficit reduction and deficits rise again after 2017 and obama promised $1.2 trillion in spending cuts the ceo review finds just $172 billion and the president promised to balance budget approach, a balanced approach to the budget. but guess what? the review finds that tax hikes outweighs spending cuts by nearly 6-1. that is not balanced. however, joining us on set tonight, business insider's ceo and editor-in-chief henry blojit and henry kukis. >> i think one point i would make is the only way we are going to close the gap is by raising taxes and reducing long-term spending. >> where do you want to raise the taxes? >> i think you can raise lots of tax, the wellthy can go up, generally. >> northern more than we had, we just got $600 billion. >> if you look at a gdp basis, spending is at 22%. we have been at about 20 for both. we fwt to converge on that number if we want to balance the number. >> what's your take? >> i'm not sure what bothers me more the fact that the president's numbers didn't quite add up or the fact that he has a budg
but the ceo's report find just about 1 trillion in deficit reduction and deficits rise again after 2017 and obama promised $1.2 trillion in spending cuts the ceo review finds just $172 billion and the president promised to balance budget approach, a balanced approach to the budget. but guess what? the review finds that tax hikes outweighs spending cuts by nearly 6-1. that is not balanced. however, joining us on set tonight, business insider's ceo and editor-in-chief henry blojit and henry...
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Jun 7, 2013
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it's spending that matters, not deficit. you have attacked warren buffett and others who talked about needing an increase in taxes on the wealthiest. do you think that's what's changing or making the economy slower than it otherwise should be? >> of course. one is prosperity. take reagan's second term through clinton's term. we've got democrats and republicans. at that time the tax paid by the top 1% was about 80% of what it is today. the top 1% made 20% of all income and paid 30% of all taxes. so they paid their fair share. you want to tax me? take my money. what's going to happen is that extra money i have, i'm not going to invest in some process that's going to invest. goes who is going to invest it better? me. i'm a job creator. washington is not. when you tax the weighty, you're taking money out by experts and giving it to the political process. >> my definition. any way you say it. it's complicated. >> this is -- this is a big issue. here's my view. if you look at total tax revenue collected as a share of gdp, the econ
it's spending that matters, not deficit. you have attacked warren buffett and others who talked about needing an increase in taxes on the wealthiest. do you think that's what's changing or making the economy slower than it otherwise should be? >> of course. one is prosperity. take reagan's second term through clinton's term. we've got democrats and republicans. at that time the tax paid by the top 1% was about 80% of what it is today. the top 1% made 20% of all income and paid 30% of all...
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Sep 10, 2013
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it's killing the pension funds which have big deficits. and these deficits are only growing because they can't make the -- >> so dodd/frank is the wrong way to do it? is that what you're saying? >> well, i don't know what dodd/frank is going to do yet. what i think is we should have regulations, for example, that look toward what the leverage ratio should be based on risk weighted assets and be able to understand those assets because the fed now has oversight of all the institutions so they know everybody, what everybody's doing and one of the things they should look at is concentration as it relates to how you value those assets. >> off balance sheets. >> there shouldn't be any off balance sheet. >> you can do all that without -- >> yeah, if the rules are right. for example, there's no reason for off balance sheet. the problem with the financial industry is you need more transparency. if you don't have transparency, people aren't going to understand. when the confidence goes, which we saw what happened with lehman brothers. all of a sudde
it's killing the pension funds which have big deficits. and these deficits are only growing because they can't make the -- >> so dodd/frank is the wrong way to do it? is that what you're saying? >> well, i don't know what dodd/frank is going to do yet. what i think is we should have regulations, for example, that look toward what the leverage ratio should be based on risk weighted assets and be able to understand those assets because the fed now has oversight of all the institutions...
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Jan 2, 2013
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the government runs the deficit and the fed buys the deficit. high yield which is an important area for us over the last few years has gone from a 25% yield in '08 to 6.3, 6.4 presently and no great bargains there, one-off but no asset class as a generalization so you're left with equities and equities are in a zone of fair evaluation to modest evaluation. i'll give you a little set of statistics. where is the bubble? in the year 2000, cisco was 100 times earnings, didn't pay a dividend and ten-year u.s. governments were 6.5%. today cisco is struggling to sell around ten times earnings, yields not far from 3%, which is not quite twice the 1.7%, 1.8% ten-year bond. the bubble isn't in equities. i think the bubble is in bonds. >> why only 340destly optimistic for stocks for 2013? i know you're spreading the wealth figuratively and literally to your team. you have the u.s. economy seemingly improving, house something getting better, china seems to be improving as well, you've got europe not as bad as certainly it was, and the ecb, central banks all
the government runs the deficit and the fed buys the deficit. high yield which is an important area for us over the last few years has gone from a 25% yield in '08 to 6.3, 6.4 presently and no great bargains there, one-off but no asset class as a generalization so you're left with equities and equities are in a zone of fair evaluation to modest evaluation. i'll give you a little set of statistics. where is the bubble? in the year 2000, cisco was 100 times earnings, didn't pay a dividend and...
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Aug 12, 2013
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i don't know that the street was ever that concerned with the level of the deficit. what the street was concerned about were things like government shutdowns and defaults because of politics. that was the thing that really spooked the markets. this deficit, i think the street was right to say, you know what, it will be a natural reduction in the deficit just as the economy comes back and the stimulus that was put together in that package came off. >> is it any secret it is working, that this political back and forth heavy infore bid we're seeing the deficit shrink and the economy get by. >> it depends on what you consider to be working. if you consider an an rex i can being on a diet and working, i am sorry for that plapz but that's the way some people described the notion of cutting the deficit right now. i did work this morning. the last three quarters combined is the biggest government reductions in spending as a percentage of gdp since at least 1980 and probably since the '70s. my data didn't go back that far. we suffered from this. growth suffered from this. >>
i don't know that the street was ever that concerned with the level of the deficit. what the street was concerned about were things like government shutdowns and defaults because of politics. that was the thing that really spooked the markets. this deficit, i think the street was right to say, you know what, it will be a natural reduction in the deficit just as the economy comes back and the stimulus that was put together in that package came off. >> is it any secret it is working, that...
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Mar 4, 2013
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but we're still operating at a deficit that is 6% of gdp. by keynes' definition, that's a fair amount of stimulus. so it has the effect of reducing stimulus. >> but it sounds like you think that's a good thing at this point. >> i think at some point reducing stimulus is good. i don't think a 6% stimulus in the fourth year, third though fourth year of a recovery that is recovering, i think that's still giving the county quite a juice. >> so you're not worried about the see kweter and pulling back on the economy because there have been a lot of people who said this is the end of days as we get to this point. >> we're going to bring down spending and bring up revenues. we may get there in fits and starts and everybody may scream each time we do it, but the deficit is going to come down. i needs to come down and it will come down. we may be doing it in a meat ax way in terms of the revenue going up. at the start of the year when we increased the payroll tax by a couple percent, that hit all across the board, on poor people and people of moderate
but we're still operating at a deficit that is 6% of gdp. by keynes' definition, that's a fair amount of stimulus. so it has the effect of reducing stimulus. >> but it sounds like you think that's a good thing at this point. >> i think at some point reducing stimulus is good. i don't think a 6% stimulus in the fourth year, third though fourth year of a recovery that is recovering, i think that's still giving the county quite a juice. >> so you're not worried about the see...
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May 15, 2013
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the history of deficit is they tend to understate it. if you forecast it up three, up three, up three, then if you jack your forecast down to minus one then you look like a total goon. what the cbo will say is up three, up three, up three, they tend to understate their revisions, what we saw yesterday was probably about half of the revision that they really would've made if they went all in and did the fully rational forecast. probably throughout the rest of the year, you're going to see bigger reductions in the deficits about three months from now. and that's going to have a good effect on markets, it's going to help the fed have some space to ease up on quantitative easing and so on. >> do you share robert's concerns about the impact of the sequester and second half of the year? >> no, i do not. we're losing about 1.5% of gdp growth. about 1% is the tax hike at the end of the year and half of that is the sequester. so far, we've overpowered that with the wealth effect and the absence of the hippopotamus, and i think that'll continue. >
the history of deficit is they tend to understate it. if you forecast it up three, up three, up three, then if you jack your forecast down to minus one then you look like a total goon. what the cbo will say is up three, up three, up three, they tend to understate their revisions, what we saw yesterday was probably about half of the revision that they really would've made if they went all in and did the fully rational forecast. probably throughout the rest of the year, you're going to see bigger...
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Feb 13, 2013
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so he opened the speech with an indication for deficit reduction. said i'm going to support defic deficit reduction, willing to cut medicare but then went after initiative after initiative. not big expensive initiatives, but ones designed to put republicans on the defensive and defy them to oppose him on strengthening education. manufacturing incentives. the kind of tax reform that he's in favor. the kind of trade initiatives he's in favor. the minimum wage. that's probably the biggest s g singlel , most consequential. to raise from $7.25 to $9, would take it to the real wage level it stood at the beginning of the reagan administration and the trade initiative, the transatlantic partnership to match the transpacific partnership. >> did the order in which those things came, saving guns and voting rights toward the end, does that give a clue as to his priorities in pursuing these different parts of his agenda? >> i don't think so. i think that was about building an emotional momentum toward the end of the speech. and you saw the emotion in the crowd w
so he opened the speech with an indication for deficit reduction. said i'm going to support defic deficit reduction, willing to cut medicare but then went after initiative after initiative. not big expensive initiatives, but ones designed to put republicans on the defensive and defy them to oppose him on strengthening education. manufacturing incentives. the kind of tax reform that he's in favor. the kind of trade initiatives he's in favor. the minimum wage. that's probably the biggest s g...
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Feb 28, 2013
02/13
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there is no talk about a deficit reduction replacing the cuts with the deficit reduction package or introducing a new element to it. >> no, no, you're wrong about that. the administration said from the moment they struck that deal in the summer of 2011 that their intention was, a, for it not to go into effect. that was also republicans' attention. but the administration always said the president ran around the country for a year xaping for re-election saying he wanted revenue. and when he struck the revenue deal in late december/january 1st with republicans, he said at that time i tell was not enough revenue and he wanted more revenue. this is not a surprise from somebody. the strategic point from the white house is do they make a mistake by accepting so little with so little revenue that they didn't achieve their goals and now they're coming back to get -- >> so the sequester can't created, it would be spending cuts? >> but is woodward wrong then? >> no. joe, joe, the sequester itself was spending cuts. that is correct. but the administration's intention and republicans' intention was that the
there is no talk about a deficit reduction replacing the cuts with the deficit reduction package or introducing a new element to it. >> no, no, you're wrong about that. the administration said from the moment they struck that deal in the summer of 2011 that their intention was, a, for it not to go into effect. that was also republicans' attention. but the administration always said the president ran around the country for a year xaping for re-election saying he wanted revenue. and when he...
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Jun 16, 2013
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america is on track with the smallest deficit for five years. the -- a fall of more than 25%. a reason standard and poor's raised the credit rating from negative to stable. a the software will he easier photo sharing and it's siri voice activation software. >> the dow losing streak, bond yields rising, worries about the federal reserve. what to do, stand pat? joining me right now, the chief investment officer, and jason, chief investment officer. thank you so much. so, rebecca, not like their there was change in sentiment this week. now we know the fed is going to stop at some point, but really, really volatile markets. up 200, down 200, then a big bounceback on thursday. were you surprised? >> a little bit. we all knew the day would come butl the quantitative easing, the monetary policy in the u.s. and europe and japan, something there's no precedent for. so we knew there would be some sort of market reaction when the tone started to change, but this is bigger than most people expected. >> what does the world look like when the federal reserve does in fact make the announceme
america is on track with the smallest deficit for five years. the -- a fall of more than 25%. a reason standard and poor's raised the credit rating from negative to stable. a the software will he easier photo sharing and it's siri voice activation software. >> the dow losing streak, bond yields rising, worries about the federal reserve. what to do, stand pat? joining me right now, the chief investment officer, and jason, chief investment officer. thank you so much. so, rebecca, not like...
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Feb 11, 2013
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but i think everybody's going to put something in the pot in order to balance the deficit. we did a lousy job in january on the tax side and i hope that -- i think it's better to go over the cliff than do a lousy job -- >> how many people do you know on your side of the field who actually agree with you? >> very few. look they're politicians. they want to spend as much money as they possibly can and they don't want to pay for it. >> who agrees with you? >> oh, i don't know. i bet -- oh, god, joe agrees with me. >> you forgot. the other thing, howard, and i'm just alluding to it, there will be no return to the bush era tax rates on anyone under $400,000? >> right. >> okay. so take that amount of money, whatever that is per year. how much do you need -- how many loopholes do you need to close? what is the marginal rate have to be on people above 400 to replace that potential revenue? it's 100%, isn't it? >> but i don't -- i think the tax rates -- you and i have disagreed on raising taxes. but i don't think they can go any higher or should go higher. >> on the high end. >> i d
but i think everybody's going to put something in the pot in order to balance the deficit. we did a lousy job in january on the tax side and i hope that -- i think it's better to go over the cliff than do a lousy job -- >> how many people do you know on your side of the field who actually agree with you? >> very few. look they're politicians. they want to spend as much money as they possibly can and they don't want to pay for it. >> who agrees with you? >> oh, i don't...
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Jul 21, 2013
07/13
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fuel standards and frankly the inability to move product from where it is in surplus to where it's in deficit. i do expect -- >> i guess you can add on to that the summer driving season because the demand is higher at this point than in other times in the year. america is becoming more energy independent, right? why the the unrest in egypt still cause higher fuel prices for americans and are there other regions that we should be concerned about? >> the growth in north american supply has been tremendous. we expect growth to be a million barrels ahead of where we are last year. but the problem is oil is a globally traded commodity. we are not insulated from the events in the middle east. what is happening in egypt will lead to concerns of the closures of the suez canal and unrest spreading. that is why geopolitics is still factored into the oil price. just because we have our growth doesn't mean we are insulated from the rest of the world. >> you said moments ago, joe, you think prices will ultimately come down? >> yes. the speculators have overreacted to the take-away capacity from shipping i
fuel standards and frankly the inability to move product from where it is in surplus to where it's in deficit. i do expect -- >> i guess you can add on to that the summer driving season because the demand is higher at this point than in other times in the year. america is becoming more energy independent, right? why the the unrest in egypt still cause higher fuel prices for americans and are there other regions that we should be concerned about? >> the growth in north american...
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May 15, 2013
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>> i thought they don't care about the deficit. we've stabilized it for a decade, i hear. >> it's coming down, jerry. it's dropping to 4% gdp. >> spend, spend, spend, hooray, hooray. >> by the way, it's 2.1% in 2014. >> it's never supposed to be that low again. >> so, right, look, as far as the -- i want a budget in the following sense, sloging through all these continuing resolutions where you kind of do everything by patchwork and you run into cliffs an debt ceilings, it's far from optimal for the real economy. that said, i think you got a good point this is not a group that will put together coherent budget. they can't come together with regular aura and have a smooth trajectory. >> i'm going to make a forecast here. the gop message with these investigations, whether it's the irs or benghazi or the secret wiretapping of the phone records for the a.p., these are the evils of big government and the evils of government overreach. jared, you will hear this term, government overreach, time and time again. >> i don't disagree. >> the
>> i thought they don't care about the deficit. we've stabilized it for a decade, i hear. >> it's coming down, jerry. it's dropping to 4% gdp. >> spend, spend, spend, hooray, hooray. >> by the way, it's 2.1% in 2014. >> it's never supposed to be that low again. >> so, right, look, as far as the -- i want a budget in the following sense, sloging through all these continuing resolutions where you kind of do everything by patchwork and you run into cliffs an...
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Jan 14, 2013
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governor jerry brown saying he will have balanced budget after years of massive deficit. but is it real? probably not, say budget expert. they say that december money was probably a one-off tied to the fiscal cliff. the wealthy taking gains in december to avoid higher tax rates in 2013. revenues from the new california tax they say won't really kick in until this quarter or later in 2013 as brad williams a california budget expert told me, quote, we suspect the added revenues were related to the federal tax changes rather than the new state tax rates. now it all shows that california is more dependent than ever on the wealthy. the top 1% of earners, remember they pay up to half of the state's total income taxes but revenues from the rich are now harder than ever to predict. back to you guys. >> thank you, robert. let's go to michelle ka brumich >> you will have a lot more cartoons available on the kid section only and also the exclusive video streamers of the new seasons of dallas. as you can see, getting a big texas more with more than 2%. back to you, tyler. >> thank yo
governor jerry brown saying he will have balanced budget after years of massive deficit. but is it real? probably not, say budget expert. they say that december money was probably a one-off tied to the fiscal cliff. the wealthy taking gains in december to avoid higher tax rates in 2013. revenues from the new california tax they say won't really kick in until this quarter or later in 2013 as brad williams a california budget expert told me, quote, we suspect the added revenues were related to...
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Apr 29, 2013
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this deficit doesn't feel that bad. pause interest rates are so low. >> right. >> mantle if we had, quote, unquote normal interest rates, 5%, 6%, 10-year. we would be taking much tougher action. and we shouldn't wait for that. we should do some incemental steps. it doesn't need to be earth shaking but we need to make sure we don't go where rates go higher. >> the pressure has been taken off. people are now saying, look, we're doing a lot. what we have done already should be sufficient. and when you look at how weak the economy is, that can certainly pick up some traction. >> it is. the part they can work, on which i think would help a lot is entitlement reform. it won't effect spending but it will get us on a better trajectory. it will do a lot for the confidence of this country. not to say if you did have an economic degrees. >> a lot of history pages. come back. what was your major? >> it's safe for me to come back? >> it is. >> i studied journalism, communication sps media. >> a lot of journalists here too. writing a
this deficit doesn't feel that bad. pause interest rates are so low. >> right. >> mantle if we had, quote, unquote normal interest rates, 5%, 6%, 10-year. we would be taking much tougher action. and we shouldn't wait for that. we should do some incemental steps. it doesn't need to be earth shaking but we need to make sure we don't go where rates go higher. >> the pressure has been taken off. people are now saying, look, we're doing a lot. what we have done already should be...
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Oct 17, 2013
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we have a deficit/debt problem but that's post 2020. almost entirely related to health care costs and to -- >> the longer you wait to attack those problems the more difficult and draconian -- >> absolutely. but if the cost of addressing them now is this brinkmanship and taking it to the edge and not going anywhere, then that's in my view, that's much worse. >> good for the short-term, not for the long-term. if you're going to be at the point taking things away from people, the more they can plan for the future. >> let me say this, i think if we get stronger growth, and i think we can. i think we're on the verge of it if we get rid of this brinkmanship, good things happen. the fiscal situation could look better than we anticipate. that's what happened in the late 1990s, we got to a surplus and no one anticipated that. >> mark, we'll see you back in studio soon. we want to get those numbers. >> i want them too. >> andrew, over to you. >> come up -- we've got a number of people who voted yes on all of this last night. rob portman, republic
we have a deficit/debt problem but that's post 2020. almost entirely related to health care costs and to -- >> the longer you wait to attack those problems the more difficult and draconian -- >> absolutely. but if the cost of addressing them now is this brinkmanship and taking it to the edge and not going anywhere, then that's in my view, that's much worse. >> good for the short-term, not for the long-term. if you're going to be at the point taking things away from people, the...
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Jun 4, 2013
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however, last month 38.8 deficit. revised to 31.7 deficit. actually now becomes the smallest deficit going all the way back to january of 2010. but we do now currently ramp that back up to 40.3. so to give you a little historical perspective there, interest rates continue to be in a very tight range after they escalated. we're hovering in the low two teens. dollar index has really gotten trashed the last couple of days. it has stabilized. dollar/yen back over 100. they may be the canary in the gold mine. >> looks like it's for good reasons. i see here that exports of goods were higher. imports of good also higher. so that's also a good sign. i'm looking at the petroleum. a lot lower. i have to figure that out. that is a funny report in the following way. the trade deficit subtracts from growth. this is structured with so much in import in the way of consumer goods. sometimes you look at the rising trade deficit. increased imports as a sign of economic activity. what it ends up being is retailers are buying more in expectation of consumers buy
however, last month 38.8 deficit. revised to 31.7 deficit. actually now becomes the smallest deficit going all the way back to january of 2010. but we do now currently ramp that back up to 40.3. so to give you a little historical perspective there, interest rates continue to be in a very tight range after they escalated. we're hovering in the low two teens. dollar index has really gotten trashed the last couple of days. it has stabilized. dollar/yen back over 100. they may be the canary in the...
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Dec 7, 2013
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the mandatory spending programs, get a net deficit reduction package. if they can get that's a good deal. >> but they can't. of course you're right about the defense and buck mccann is right. if you look at the line, if you look at the base line, they're up 19% over the next bunch of years out the 2021 or something. 2014 they take another hit. i get that. however from that base it rises about 18 or 19%. that's pretty good. >> the other argument for getting the deal is that these discretionary cuts are written on paper. every congress can undo them. if you start changing the federal retirement program, it sticks. if you start changing aviation fees it sticks. if you change the mandatory programs like farm or spectrum rights they stick. you change the long term as well as the short term. it's worth trying to get a deal. not every deal is acceptable. the parties are very far apart on the big items. so if there's a small deal where you can get enough overlap and get each side to take some bad votes it's worth trying to get it done. >> let me go back to you
the mandatory spending programs, get a net deficit reduction package. if they can get that's a good deal. >> but they can't. of course you're right about the defense and buck mccann is right. if you look at the line, if you look at the base line, they're up 19% over the next bunch of years out the 2021 or something. 2014 they take another hit. i get that. however from that base it rises about 18 or 19%. that's pretty good. >> the other argument for getting the deal is that these...
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Apr 10, 2013
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interesting numbers in here to get to those deficit reductions. it includes 400 billion in health savings. a crackdown on waste and fraud in medicare and raises $500 billion by limiting high income tax benefits. maximum over 1 million would be 28%. buffet rule goes into effect requiring household incomes over a million to pay at least 30% after charitable giving and taxes. it limits the value of tax deductions as i said for the top 2% to 28% and it ends the rule for carried interest that lets financial managers carry tax on current interest on capital gains tax rates. the white house says the budget proposal includes cuts that the president would not propose without these revenue measures such as adjust the chain inflation index requested by republicans. the president is set to make a statement at 11:00 eastern this morning from the rose garden. might be like the other -- i don't know. we'll see how this is greeted. >> this was supposed to be a budget that was looking at entitlements and proposing cuts. i don't know what they do beyond cpi. >> we'
interesting numbers in here to get to those deficit reductions. it includes 400 billion in health savings. a crackdown on waste and fraud in medicare and raises $500 billion by limiting high income tax benefits. maximum over 1 million would be 28%. buffet rule goes into effect requiring household incomes over a million to pay at least 30% after charitable giving and taxes. it limits the value of tax deductions as i said for the top 2% to 28% and it ends the rule for carried interest that lets...
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Jan 31, 2013
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you had one-off trade deficit issues and one-off inventory issues. the problem was the g. >> i don't disagree, larry. >> i want to solve for g. >> you want to cut g more. >> i do want to keep cutting g more. outside the military, no gdp effect at all with with g. doug -- >> larry, i want to say something about that. >> transfer payments have no effect on gdp. >> that's where we should go. >> they should be cut and pared down. it doesn't solve the whole problem, dougie. but i will give you chance to redeem yourself. if we follow through on the sequester we could move on to better policy and get the private economy growing at # 5%. >> i'm not disagreeing with james and you about if this is what we end up, we have to get serious about cutting spending. i want more than we are getting now. i think the important thing is that you're too optimistic about the private economy. if you look at q 4 over q 4 growth in household, 1.9. in business investment, 4.3. these aren't numbers that constitute a recovery. we are wobbling along. i'm not worried about the gov
you had one-off trade deficit issues and one-off inventory issues. the problem was the g. >> i don't disagree, larry. >> i want to solve for g. >> you want to cut g more. >> i do want to keep cutting g more. outside the military, no gdp effect at all with with g. doug -- >> larry, i want to say something about that. >> transfer payments have no effect on gdp. >> that's where we should go. >> they should be cut and pared down. it doesn't solve the...
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Mar 13, 2013
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it includes about 1.85 trillion dollars in deficit reduction. half of that from tax increases, half from spending cuts. she has a $100 billion of stimulus put in there. this is while the house republican party is marking up its budget committee resolution. no tax increases. meanwhile the president is meeting behind closing doors now as part of iz his effort to sel his proposal. his own is not coming out until april 8. that is less the point at this stage. all sides are looking at the regular order process as the last potential hope for a grand bargain mixing entitlement cuts and tax increases for this two year congress. mandy? >> thank you very much for that. and in the meantime we will be watching for speaker john boehner later on in the show. we will toss it over to you in vegas and your very special guest. >> thank you very much. we are pleased to be joined by martha stewart, who needs no introduction but i will give one anyway. thank you very much for joining us here. before i get into retail sales, i will ask about the trial. >> the judge h
it includes about 1.85 trillion dollars in deficit reduction. half of that from tax increases, half from spending cuts. she has a $100 billion of stimulus put in there. this is while the house republican party is marking up its budget committee resolution. no tax increases. meanwhile the president is meeting behind closing doors now as part of iz his effort to sel his proposal. his own is not coming out until april 8. that is less the point at this stage. all sides are looking at the regular...
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May 14, 2013
05/13
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deficit. it's now $200 billion smaller than it was estimated just in february, $642 billion is the projection for the current fiscal year. that's 4% of gross domestic product, which is less than half in both dollar terms and percentage of gdp than it was in 2009, the first year of president obama's presidency. this shows that because of better than expected revenue, slower than expected growth in spending, in part because health care costs are slowing, the deficit is going to fall to 2.1% of gdp in 2015. so, we've had a lot of concern that we've discussed for years about the size of the u.s. deficit. it is now coming down pretty rapidly, bill. >> you know, it's symptomatic of our new normal here. we consider $3 gasoline cheap and we think $642 billion deficit is low. >> but as a percentage -- >> you know what i'm saying. >> yes, i do. but the historical standard -- >> john, does that mean that the gdp is expected to shrink -- >> what's that? >> when we talk about these percentages as a functio
deficit. it's now $200 billion smaller than it was estimated just in february, $642 billion is the projection for the current fiscal year. that's 4% of gross domestic product, which is less than half in both dollar terms and percentage of gdp than it was in 2009, the first year of president obama's presidency. this shows that because of better than expected revenue, slower than expected growth in spending, in part because health care costs are slowing, the deficit is going to fall to 2.1% of...
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Apr 30, 2013
04/13
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in other words, you've got to have a deficit reduction plan, but if necessary, you've got to calibrate that, so that it's not happening so sharply, that your growth levels or your deficit becomes worse and you get a downward spiral. so, look, i think it's possible for the government to adjust. i think in a way, it is adjusting. but i think it's important to balance the monetary effect that the bank of demand policies are taking with a fiscal, you know, a fiscal plan that allows our economy to carry on growing. >> we are, of course, in a global, connected economy. and the emerging markets, certainly throughout asia, seem to be showing real growth rates. can we see the interconnectedness on the positive side of things, rather than the interconnectedness on the negative side of things, which is what we saw in 2007 and 2008? do you think that is going to be helpful for the u.s. and the euro zone? >> yes, i think it could be. i mean, i'm optimistic about the new chinese leadership. i think they're really, smart, capable people who understand the next stages of reform in china are important,
in other words, you've got to have a deficit reduction plan, but if necessary, you've got to calibrate that, so that it's not happening so sharply, that your growth levels or your deficit becomes worse and you get a downward spiral. so, look, i think it's possible for the government to adjust. i think in a way, it is adjusting. but i think it's important to balance the monetary effect that the bank of demand policies are taking with a fiscal, you know, a fiscal plan that allows our economy to...
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Jan 29, 2013
01/13
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we asked, do you think we should solve the deficit problem, not at all? do we have a couple years to do so or should we do it urgently now? 80% of the 52 respondent we had that include economists and strategists and fund managers, they say we need to do this, and do it now. then, how should we do it? spending cuts. do we have time to do it? later. 38%, now, 59%. pretty unambiguous. there's a little bit more play when it comes to whether or not we should raise revenue. 53%, a clear majority say, we shouldn't raise revenue at all. but if you add up those who say we should raise revenue now and later it's 46%, so a little bit more disagreement there. but overall when you take the 80, the 59 and the 53, pretty clear three-point message from wall street to washington, let's just go over it again. fix the deficit now, do it with spending cuts, and don't do it by raising revenue. that's what the economists on wall street and the fund managers are telling washington right now. let's take a look at the next idea about the debt ceiling debate. i think this is a rea
we asked, do you think we should solve the deficit problem, not at all? do we have a couple years to do so or should we do it urgently now? 80% of the 52 respondent we had that include economists and strategists and fund managers, they say we need to do this, and do it now. then, how should we do it? spending cuts. do we have time to do it? later. 38%, now, 59%. pretty unambiguous. there's a little bit more play when it comes to whether or not we should raise revenue. 53%, a clear majority say,...
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Jan 15, 2013
01/13
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the problem is that was the last deficit increase. the $1.2 trillion is sort of already in the bank. the credit agencies, by the way, assume we're going to make those cuts. so if you're suggesting that we do additional sequestration on the smaller part of the budget, the 38% we talked about, domestic discretionary, i suppose that's one way you could go. but, it ignores the fact that we've got this bigger part of the budget that's more politically sensitive, but has to be dealt with. the biggest part of the budget and the fastest growing part of the budget. it also, the $1.2 trillion is in the bank because of the discussions we had two years ago. >> you think the democrats would not see that as a credible threat? they would say go ahead, let the sequestration kick in? >> well, i think democrats and republicans alike would like to alter the way the sequestration works. but i hope that nobody's talking about not making good on our commitment to reach the $1.2 trillion. i'm certainly not. and those of us who are concerned on the across-th
the problem is that was the last deficit increase. the $1.2 trillion is sort of already in the bank. the credit agencies, by the way, assume we're going to make those cuts. so if you're suggesting that we do additional sequestration on the smaller part of the budget, the 38% we talked about, domestic discretionary, i suppose that's one way you could go. but, it ignores the fact that we've got this bigger part of the budget that's more politically sensitive, but has to be dealt with. the biggest...
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Feb 12, 2013
02/13
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we blew a hole in the deficit, added $5 trillion to the deficit. and we took a surplus into deep debt. we got to stop that you're absolutely right. >> doubling down. >> yes. >> i saw glimmers of hope with the terrapins. i don't know. >> there are glimmers of hope and they did pretty well from time to time. saturday, as you saw, joe, was not a good game for us. we didn't play our a game. but when we play our "a" game we got a lot of freshmen, sophomore -- dominant center right now. but he's going to be. and we're going to have a very, very good team as time goes by. but they had a bad game on saturday but they had a good game away at virginia tech before that. so, i'm very hopeful that they're going to do well coming forward, and next year. >> any progress on -- do i need to raise some money for the steny hoyer statute? the boomer esiason statue at -- on the campus. and i said where is this steny hoyer statue? and people looked at me like, i don't know. i'm working on that. you want me to -- >> you're chairman, joe. i thought i appointed you chairma
we blew a hole in the deficit, added $5 trillion to the deficit. and we took a surplus into deep debt. we got to stop that you're absolutely right. >> doubling down. >> yes. >> i saw glimmers of hope with the terrapins. i don't know. >> there are glimmers of hope and they did pretty well from time to time. saturday, as you saw, joe, was not a good game for us. we didn't play our a game. but when we play our "a" game we got a lot of freshmen, sophomore --...
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Jul 1, 2013
07/13
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i mean, really, we're going to do some power deficit stuff? immigration, we all want to do it, but climate change? where are the things that erskine bowles -- >> no, erskine wants to talk about a proposal out there that will zero-sum all of the tax deductions you can get. >> it's the abenomics linked-in thing. >> abe's speech is about the right thing. i'm sorry, his article. >> the prison where nelson -- okay, i like nelson mandela. >> structural reform. you just don't hear that in the united states. and those are the sorts of things that economists want to hear from abe. they want to hear that they're going to do the qe stuff. they want to hear the fiscal stuff. but really ultimately they want to hear the structural reforms to open up the japanese economy. >> he thinks women need to be promoted in the workplace and integrate them more into the work mace. he brought up the idea of opening their markets. >> fti. >> dan loeb is listening to closely and hearing things like that. i thought it was really kind of a pitch to try and convince investor
i mean, really, we're going to do some power deficit stuff? immigration, we all want to do it, but climate change? where are the things that erskine bowles -- >> no, erskine wants to talk about a proposal out there that will zero-sum all of the tax deductions you can get. >> it's the abenomics linked-in thing. >> abe's speech is about the right thing. i'm sorry, his article. >> the prison where nelson -- okay, i like nelson mandela. >> structural reform. you just...
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Mar 19, 2013
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deficit and it will cut into the chinese surplus. and you ask the average economist for the last three or four years before the crisis, during the crisis, after the crisis, what's the global economic problem, number one, the answer probably isn't microimbalances. trade surplus in the u.s., trade surplus and china. what i didn't know is that still more than half of the u.s. deficit of goods and services is energy imports. >> and that's going to go away? >> as things are going, that might be going away. at the same time, china surplus will suffer from the tracing of independence of china. >> that's strong dollar weak yuan. becky. >> just an observation. >> first, tight oil, i haven't heard of this before. i know where the marcellus shale fields are. where is tight oil? is it in the same sort of locations? >> same. traditionally, coming out of gas yields because of this huge different between gas and oil prices. which went up from almost zero to more than a million barrels per day now within five years time. >> does cyprus have any oil?
deficit and it will cut into the chinese surplus. and you ask the average economist for the last three or four years before the crisis, during the crisis, after the crisis, what's the global economic problem, number one, the answer probably isn't microimbalances. trade surplus in the u.s., trade surplus and china. what i didn't know is that still more than half of the u.s. deficit of goods and services is energy imports. >> and that's going to go away? >> as things are going, that...